ROSH PINA, Israel -- On Track Innovations Ltd. reports that it has received official certification to use MasterCard's Mobile MasterCard Paypass-M/Chip 4 technology in its Wave device, an add-on for smartphones, tablets and PCs that enables them to be used as near field communication transceivers.
The OTI Wave is an audio jack plug-in NFC payment solution. Described as a compact dongle, the Wave is "device-agnostic," able to work with mobile equipment regardless of operating system. It allows users to employ their mobiles as payment media, and to enjoy the benefits of loyalty programs and other incentives delivered by corresponding applications.
"Receiving certification from MasterCard provides essential validation of our technology platform and opens up significant 'greenfield' opportunities for our Wave solution," said OTI chief executive Ofer Tziperman. "We can now begin to target large-scale implementations with banking institutions and payment card providers, as well as projects involving public transportation, institutional memberships, and loyalty and rewards programs."
OTI explained that the Wave possesses three crucial features that will encourage banks to offer it to their clients. First, it uses public-key infrastructure, providing PKI authentication through the add-on audio jack device. The authentication capability allows certificate authorities and banks to ensure customer' secure access to accounts across all devices and channels, the manufacturer added.
Second, it permits any smartphone, tablet or laptop to work as an NFC-secured payment device. It connects to the equipment's operating system through the audio jack, allowing for PIN code authentication and such over-the-air (OTA) capabilities as reloading electronic cash, remote personalization, firmware updates and new applications.
Third, it runs on a Java OS over a secure element, and is open for third-party development, OTI reported. Thus, the Wave is suitable for many applications and markets including mobile payments (debit, credit, e-purse), e-ticketing for transportation and events, PKI support, loyalty and e-coupon programs, healthcare applications and access control.
OTI's Wave can be used for electronic payment transactions even when disconnected from a customer's device, so it can be used with mass-transit gates, vending machines and other self-service apparatus. When the prepaid balance runs low, the user need only plug the Wave into the smartphone or other mobile and replenish the value in the "ePurse."
Information about the Wave and other OTI technologies may be found online at otiglobal.com. The Wave also will be on display at the CARTES Secure Connexions Event at the Paris-Nord Villepinte Exhibition Center from Nov. 19 to 21 in Paris.